The following data are for the pension plan for the employees of R Company. 1/1/15 12/31/15 12/31/16 Defined benefit obligation P8,100,000 P8,400,000 P11,100,000 Plan assets (at fair value) 6,900,000 9,000,000 9,900,000 AOCI – net loss -0- 1,440,000 1,500,000 Discount rate (for year) 8% 7% R's contribution was P1,260,000 in 2016 and benefits paid were P1,125,000. R estimates that the average remaining service life is 15 years. Assume that the actual return on plan assets in 2016 was P800,000. The gain on plan assets in 2016 was

The following data are for the pension plan for the employees of R Company. 1/1/15 12/31/15 12/31/16 Defined benefit obligation P8,100,000 P8,400,000 P11,100,000 Plan assets (at fair value) 6,900,000 9,000,000 9,900,000 AOCI – net loss -0- 1,440,000 1,500,000 Discount rate (for year) 8% 7% R's contribution was P1,260,000 in 2016 and benefits paid were P1,125,000. R estimates that the average remaining service life is 15 years. Assume that the actual return on plan assets in 2016 was P800,000. The gain on plan assets in 2016 was

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following information relates to the pension plan for the employees of Cullumber Co.: Accum. benefit obligation Projected benefit obligation Fair value of plan assets AOCI - net (gain) or loss Settlement rate (for year) Expected rate of return (for year) O $665200 gain. O $282200 loss. 1/1/20 $110600 gain. $272400 gain. $8140000 8665000 7825000 -0- $ 12/31/20 8560000 9358000 9820000 (1402000 ) 11% 8% 12/31/21 $ 11500000 12907000 10954000 (1570000 ) 11% Cullumber estimates that the average remaining service life is 16 years. Cullumber's contribution was $1213000 in 2021 and benefits paid were $877000. The unexpected gain or loss on plan assets in 2021 is 7%
The following information relates to the pension plan for the employees of Blossom Company: Accum. benefit obligation Projected benefit obligation Fair value of plan assets AOCI - net (gain) or loss Settlement rate (for year) Expected rate of return (for year) 1/1/25 $7940000 8465000 7625000 O $26250. O $17456. O $20238. O $14188. 0 12/31/25 $8360000 9158000 9620000 (1382000) 11% 8% 12/31/26 $11300000 12707000 10754000 (1550000) 11% 7% Blossom estimates that the average remaining service life is 16 years. Blossom's contribution was $1323000 in 2026 and benefits paid were $987000. The amount of AOCI (net gain) amortized in 2026 is
d. The following information pertains to Lasting Inc.'s defined benefit plan. Description Projected benefit obligation Plan assets at fair value Accumulated OCI-Pension Gain/Loss Accumulated OCI-Prior Service Cost Accumulated benefit obligation On Lasting Inc's December 31 balance sheet, what amounts would the company report for assets, liabilities and stockholders' equity? Select one: Assets Liabilities Stockho $0 $13,000 Assets Liabilities $132,000 $145,000 Assets Liabilities Stock SO $13,000 Assets Liabilities $132,000 $145,000 Assets Liabilities Stockh $132,000 $128,000 Equity $70,000 $145,000 Cr. 132,000 DT. 18,000 Dr. 88,000 Cr. 128,000 Cr. $70,000 s Equity $0 TULEV SO $70,000
The following data are for the pension plan for the employees of Lockett Company. 1/1/14 12/31/14 12/31/15 Accumulated benefit obligation $2,500,000 $2,600,000 $3,400,000 Projected benefit obligation 2,700,000 2,800,000 3,700,000 Plan assets (at fair value) 2,300,000 3,000,000 3,300,000 AOCL – net loss -0 580,000 500,000 Settlement rate (for year) 10% 9% Expected rate of return (for year) 8% 7% Lockett’s contribution was $420,000 in 2015 and benefits paid were $275,000. Lockett estimates that the average remaining service life is 20 years. The actual return on plan assets in 2015 was $300,000. $255,000. $200,000. $155,000.
The following data are for the pension plan for the employees of Lockett Company 1/1/14 12/31/14 12/31/15 Accumulated benefit obligation $2,500,000 $2,600,000 $3,400,000 Projected benefit obligation 2,700,000 2,800,000 3,700,000 Plan assets (at fair value) 2,300,000 3,000,000 3,300,000 AOCL - net loss 0 580,000 500,000 Settlement rate (for year) 10% 9% Expected rate of return (for year) 8% 7% Lockett's contribution was $420,000 in 2015 and benefits paid were $275,000. Lockett estimates that the average remaining service life is 20 years. The actual return on plan assets in 2015 was $155,000 Assume that the actual return on plan assets in 2015 was $245,000. The unexpected gain on plan assets in 2015 was a. 32,000 b. 55,000 c. 35,000 d. 34,000 The corridor for 2015 was $300,000. The amount of AOCI-net loss amortized in 2015 was a. $33,333 b. $32,000 c. $14,000 d. $12,000
The following information relates to the pension plan for the employees of Ivanhoe Co.: 1/1/20 12/31/20 12/31/21 Accum. benefit obligation $ 9440000 $ 9860000 $ 12800000 Projected benefit obligation 9965000 10658000 14207000 Fair value of plan assets 9125000 11120000 12254000 AOCI – net (gain) or loss -0- (1532000 ) (1700000 ) Settlement rate (for year) 11% 11% Expected rate of return (for year) 8% 7% Ivanhoe estimates that the average remaining service life is 16 years. Ivanhoe's contribution was $1343000 in 2021 and benefits paid were $1007000.The actual return on plan assets in 2021 is $2141000. $1134000. $336000. $798000.
The following data are for the pension plan for the employees of Carla Vista Company. Accumulated benefit obligation Projected benefit obligation Plan assets (at fair value) AOCL - net loss Settlement rate (for year) Expected rate of return (for year) 1/1/20 $5700000 $107000. $35300. $41300. $102300. 6100000 5300000 0 12/31/20 $ 5900000 6300000 6700000 1023000 11% 9% 12/31/21 $ 7500000 8100000 7300000 1070000 10% Carla Vista's contribution was $910000 in 2021 and benefits paid were $820000. Carla Vista estimates that the average remaining service life is 10 years. The corridor for 2021 was $670000. The amount of AOCI-net loss amortized in 2021 was 7%
The following information relates to the pension plan for the employees of Oriole Co.: 1/1/20 12/31/20 12/31/21 Accum. benefit obligation $ 9540000 $ 9960000 $ 12900000 Projected benefit obligation 10065000 10758000 14307000 Fair value of plan assets 9225000 11220000 12354000 AOCI – net (gain) or loss -0- (1542000 ) (1710000 ) Settlement rate (for year) 10% 10% Expected rate of return (for year) 7% 6% Oriole estimates that the average remaining service life is 16 years. Oriole's contribution was $1353000 in 2021 and benefits paid were $1017000.The corridor for 2021 is $673200. $1430700. $1122000. $858420.
Current Attempt in Progress The following data are for the pension plan for the employees of Beaufort Company. Accumulated benefit obligation Projected benefit obligation Market-related asset value Plan assets (at fair value) Unrecognized net loss Settlement rate (for year) Expected rate of return (for year) 1/1/17 O $135,300. O $81,700. O $51,800. O $37,600. $7,350,000 7,998,000 7,468,000 7,762,000 0 12/31/17 12/31/18 $7,644,000 $9,996,000 8,232,000 10,689.000 8.350,000 9,014,000 8.820,000 9,901,000 1,450,000 1,490,000 10% 995 9% 8% Beaufort's contribution was $1,247,000 in 2018 and benefits paid were $1.102,000. Beaufort estimates that the average remaining service life is 15 years. The actual return on plan assets in 2018 was $749,700. The unexpected gain on plan assets in 2018 was
The following data are for the pension plan for the employees of Blossom Company. Accumulated benefit obligation Projected benefit obligation Plan assets (at fair value) AOCL - net loss Settlement rate (for year) Expected rate of return (for year) 1/1/25 $5010000 5410000 O $610000. $400000. O $520000. O $320000. 4610000 The actual return on plan assets in 2026 was 0 12/31/25 $5210000 5610000 6010000 970000 9% 7% 12/31/26 $6810000 7410000 6620000 1010000 8% Blossom's contribution was $850000 in 2026 and benefits paid were $760000. Blossom estimates that the average remaining service life is 15 years. 6%
Accumulated benefit obligation Projected benefit obligation Plan assets (at fair value) AOCL - net loss Settlement rate (for year) Expected rate of return (for year) The following data are for the pension plan for the employees of Lockett Company. 1/1/20 $4,000,000 12/31/20 $4,200,000 12/31/21 $5,800,000 4,300,000 4,100,000 5,400,000 4,600,000 4,900,000 5,600,000 -0- 960,400 1,000,000 9% 8% 6% 7% Lockett's contribution was $840,000 in 2021 and benefits paid were $750,000. Lockett estimates that the average remaining service life is 12 years. Required: 1. Compute the amount of AOCI-net loss amortized in 2021. 2. Prepare the worksheet entry to record the amortization.
The following data are for the pension plan for the employees of Pharoah Company. 1/1/20 12/31/20 12/31/21 Accumulated benefit obligation $ 5300000 $ 5410000 $ 6990000 Projected benefit obligation 5600000 5660000 7540000 Plan assets (at fair value) 4760000 6160000 6640000 AOCL - net loss 959000 1090000 Settlement rate (for year) 9% 8% Expected rate of return (for year) 7% 6% Pharoah's contribution was $863000 in 2021 and benefits paid were $74400O. Pharoah estimates that the average remaining service life is 15 years. The actual return on plan assets in 2021 was $361000. $251000. $250000. $480000.